The solution has three broad parts –
- Digital marketing solution that uses data to micro-segment and target end-users through social media and email campaigns
- UI/UX and customer journey that contains customized questions and product recommendations to suit the business
- Leveraging data from vendors to enable straight-through underwriting through data elements that accurately assess various kinds of risk
Small Business: Opportunity area for Insurers
Small business insurance is a growing market segment with many insurers looking to it to drive growth. The market is highly fragmented with the top player only commanding 6% of the market share.
An added factor is that not all small businesses have insurance. 44% of small businesses operating for a year have never had insurance. This is a base that insurers can easily tap into provided they can cater to the needs of the segment.
What are customers looking for?
Small business proprietors are looking for a buying experience similar to what they encounter in the personal lines of the insurance business.
Capgemini’s World Insurance Report 2020 has found that most customers are looking at digital channels during the researching phase, with a significant number of them looking to facilitate their insurance buying process through the insurers’ website.
For the small business segment, this translates to the insurance companies providing some amount of quoting and advisory services not only through their agency network but also through digital means. In our view, the following are the three pillars of a best in class customer acquisition experience:
- Right Channel
- Right Product
- Right Time
- Capgemini helps our clients become Digital Insurers by approaching “digital” as an enterprise strategy across technology, operations, and business functions and bringing together an unparalleled breadth and depth of digital capabilities. This is underpinned with our deep insurance industry expertise and a leading Insurance Industry Solution Practice that enables us to solve our clients’ most complex business problems so that they can transform their business into a digital business.
- Get access to Capgemini’s market-leading Innovation Ecosystem of startups, accelerators, partners and FinTechs to explore innovative products and solutions.
- Cutting edge tech from InsurTechs in the solution will provide great savings and a better customer experience.
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